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on the economy. the washington post writes that the white house is ratcheting up pressure to avoid the fiscal cliff. on c-span tonight, we will bring you some of the house and senate debate from august of 2011, when congress passed the budget control act that triggered cuts to take effect on january 1. we will also hear from president obama, who signed the deficit reduction measure into law, part of the deal to raise the debt ceiling. first, senate majority leader harry reid and republican majority leader mitch mcconnell will talk on the senate floor about the january fiscal deadline. >> since our country voted to return president obama to the white house, i have spoken often about compromise. i remain optimistic that, when it comes to our economy, when it comes to protecting middle-class families from a whopping tax hike, republicans and democrats will be able to find common ground. president dwight eisenhower, a republican, once said, "people talk about the middle of the road as though it were unacceptable. there have to be compromises. the middle of the road is all usable space." so said w
and extend the maturity of existing loans. mark carney prepares to take up the reigns of the uk economy any. unlikely to be any good news. third quarter gd figures expected to be revised down. and it's point, click, buy. americans were doing plenty of that yesterdays as early reports suggest online holiday sales soared on cyber monday. and all bets are off. prediction market entrade says it can no longer accept u.s. customers as market regulators say its trades aren't legal. shanghai composite closed below 2,000 for the first time in three years. it comes at a time when plenty have been talking up chinese growth prospects for next year. so we'll get into that more later. but 1991 is the closing level. this the main one to watch across asia. the nikkei did manage to continue it rally adding about 0.4% as the yen weakens on comments this morning. forex, the dollar-yen one to watch, 82.19 is the level there. the aussie dollar doing a little bit abouter despite that weak number on the shanghai composite. sterling is flat. we'll get into that more later. and euro-dollar just barely higher today,
, it is not a recession, it has been building for decade-sapping the ability of the american economy to grow, and the average american to rise. to make the u.s. less competitive, less attractive for business, we go back to the fiscal cliff discussion over and over again because unless we get the economy really moving and growing in a long run, these budget problems will occur over and over again. we have identified eight areas where we find, these things would move the needle in a reasonable time frame, two or three or four years we start to see impact and there's quite bipartisan support. and the sustainable budget compromise. number 2, easing immigration now. we need a broader immigration reform, but it is one of the abilities to move rapidly to inject skill to the economy to fill jobs we badly need to fill to sustain our growth. it is not long term solution to the skill problem in america but a critical step we need to take to move the needle. we have got to simplify and realize the corporate tax code. everybody agrees. we just did a survey that included a loss of members of the general p
's entire economy. we can't afford it and we can't afford to leave it intact. so try as they might, remember the last congress republicans passed a lot of bills out of the house of representatives that tore apart obama care. as even the president calls it now. they didn't go anywhere in the senate and meanwhile, alex, after the thanksgiving break, the principles are expected to get back together to begin negotiating in earnest. as you're right the clock is ticking. just a little bit more than one month to go before the nation heads over that fiscal cliff. al alex? >> 38 days and counting. thanks so much. let's go from the white house to the middle east now. palestinians and israelis are keeping a cease-fire alive. but many call the truce extremely fragile. an attempted border breach threatened the calm yesterday. israeli forces shot and killed a palestinian man. he was one of hundreds testing israeli security at the border. nbc's martin fletcher is live for us in tel aviv. good saturday morning to you, martin. can this shooting jeopardize the cease-fire? and then when does the next phase beg
families should go up. it would be bad for the economy. it would be bad for those families. in fact, it would be bad for the world economy. and so i think it's very important that we get that resolved. and i am very open to a fair and balanced approach. >> the president met with middle class tax payers today, urging them to employ twitter hash tag my y2k, telling congress this is too important for them to screw it up. >> today i'm asking congress to listen to the people who sent us here to serve. i'm asking americans all across the country to make your voice heard. it's too important for washington to screw this up. >> and a new survey shows the president has the public on board in a new washington post poll, 60% support raising taxes on incomes over $250,000. a healthy majority. indeed, even some republicans appear to be under sway, by the force of reason. >> in my view, we all agree we're not going to raise taxes on people that make less than $250,000. we should just take them out of this discussion right now. continue to fight against any rate increases. try to continue to work h
trying to ruin the holidays and the economy for everybody? >> first up this evening tonight fed chairman ben bernanke gave a warning fix the fiscal cliff or we are headed for a severe recession, so far, no concrete proposals and i have to ask again, are we headed for a stalemate or can we find an economy saving common ground. let's talk. we have abigail disney. we'll have a sudden fiscal cliff? >> i worry about the damage that mighting done in fixing it. you don't think the tax increases that could come at the end of the year and the spending cuts of less 100 build, you don't think those would in deuce a severe recession and everybody on wastreet? >> they are not that big of rate increases so far. welcome to the show and what would you do about it? >> they are proposing letting the bush tax cuts stand for everyone because the top 2%. if you raise them and closing the interest loop hole, fixing the estate tax you come out to $100 trillion in savings. >> serious question, you have a famous name and we welcome you onto the program. do you record that as rich? >> what i regard is irrelevant
of all, interest rates are low because we have had a weak economy. as far as the debt goes, listen to dean, i'm sure that he believes that the only real problem phafacing the country a the capitol gains. i think we do have a debt problem i think we have a big debt problem. the numbers in the 20s, 30s, look horrifying and we have a huge job and growth problem. i don't understand how taking dividends from 15-43 creates jobs that closes that. >> i don't see spending cuts. it won't matter. the economy collapsed and the housing bubble collapsed. make them pay zero taxes. the search goes inside out. none of it finds that it will create any of those jobs. the government has no choice. >> that is quite an experiment. that you are willing to run with 1 or 2%. from 15 to 25. we are going to taking it from 15 to 30. >> we have been there. >> you are taking the rate on capital which we have the world's highest rate on capital. and you are poi inggoing to mak higher? i would love to see spending reductions. the house and the senate rotes for $1.2 trillion spending cut. that spending cut would b
there will also be a drag on the american economy if our budget deficit widens out forever, if we're irresponsible and governor doesn't work. left with those four choices, think think -- on the flip side, did republicans ask you to spend any nuts -- i think at this point both sides have acknowledged that there's going to be revenue concessions and entertainment concessions. in fact, if you listen to, it again, i'm not a master of the political art here, i'm in washington but i would say if you had these points of views in a business context, as close as they are, i would say a deal would be in reach. >> you see some fundamental level of optimism from lloyd blankfine but a long way to go with the combination of prief pressure and public pressure, like the president is going to exert before we actually go to the flight of fired. i asked the treasury secretary should the president return to wall street. he it must be someone who understands markets, marry. >> me have 33 days to -- head of all pi he told john harwood. marge i will hates have to go up somewhat. he said that's going to put a drag on the
on the horizon. that's where we begin this morning. how confident are you about the state of the u.s. economy? what steps are you taking to prepare for the potential impact if the u.s. goes off the fiscal cliff? give us a call this morning. you can also catch up with us on all your favorite social media sites, twitter or facebook. or e-mail us. thismorning to you on wednesday, november 21. we are talking about federal reserve chairman ben bernanke's comments yesterday about the fiscal cliff, and getting your thoughts on bthe u.s. economy. and this headline -- also, in the financial times -- to tell little bit more about ben bernanke's , and sister day we turn to david clarke of "politico," their financial services editor. thanks for joining us. guest: thanks for having me. host: what is making the most waves from his speech? guest: in the past he has warned that congress and the president's path to take care of the fiscal cliff. yesterday he said it is not simply doing it but how they do it, making a point that voters will be looking to see if they can do this in a cooperative manner, whether
, we will ask a business expert what fewer shoppers means for the overall economy. rick: shifting gears now overseas, the hamas terrorist group is accusing israel of breaking the ceasefire rules agreed to only a couple of days ago, two days after a truce was reached along the israel/gaza border. the shooting death of a palestinian man today could threaten the already-fragile agreement. conor powell is live in jerusalem with the very latest. >> reporter: well, rick, given that the level of trust between israel and hamas is so low, expectations for this ceasefire were even lower. but it appears to have passed its first major hurdle. earlier today several hundred palestinians went to the border between gaza and israel, some reportedly there to check on land across the border in israel, others were, no doubt, hamas sympathizers testing the ceasefire. but as israeli trooped told them to back off from the border area, they refused, and israeli troops opens fire killing one palestinian. both israel and hamas accused the other ofhe ceasefire agreement, but neither side took steps to escal
obama term in office? the economy, the fiscal cliff talks, the president's priorities in the next four years. our roundtable is here. david brooks of "the new york times." msnbc's reverend al sharpton. former ceo of hewlett-packard carly fiorina >> historian and film maker ken burns. and nbc chief foreign affairs correspondent andrea mitchell. and we'll hear from new york congressman, gregory meeks, as we check in on some of the hardest-hit victims of hurricane sandy and see how they offered thanks this weekend while surrounded by destruction. >>> from nbc news in washington, the world's longest-running television program, this is "meet the press." with david gregory. >>> president obama doing his part for the economy over the weekend out holiday shopping as part of small business saturday, picking up several children's book at an independent bookstore in arlington. >>> meanwhile, uncertainty in the middle east. more clashes in egypt over the weekend as police use tear gas this morning to disburse protesters in cairo. i want to start there. we have "new york times" columnist david broo
and focus on rebuilding the middle class and strengthening our economy by investing in jobs, not cuts. as for the effectiveness of this campaign one conservative says this type of pressure from unions is nothing new. >> the fact that they are publicly saying what they have been privately saying helps the american people understand where obama's in trend and comes from but nothing has changed. >> the issue is in the fiscal cliff discussion democrats appear willing to put entitlements and spending on the table. republicans saying they're willing to do tax revenue and that could be or would be the key to any agreement to avoid the fiscal cliff and get the country's books back in order. gerri: you will be covering this for a long time. thanks for that. this black friday wal-mart shoppers think protests, it is not a superstore workers on the picket line. jeff flock joins us with more. jeff: a few of them but the majority were not wal-mart workers but members of other unions like the teamsters, the uaw, it was built today as a demonstration against the notion of working on thursday on thank
reserve look, it did not dim the hopes of the bulls. they talk about the economy standing at a measured pace with moderate consumer spending. optimistic and moderate to words they relate. the true standout today. costco with the one-time dividend taking the stock to new highs today. this has been a really beaten-down name up sharply, and coach is looking pretty fashionable as well. look at gold colored one point it was down $35, it is losing some of the shine, oil taking a hit down to a one-week low, budget concerns on crude, and we will see right now what is going on with gold. let's see what they make of the midday reversal. closing higher, just one big year. this unique group and the nymex, this is pretty significant, isn't it? the politicians would open their mouth and the market rallies, that never happens. >> this is really a pretty good rally when you consider where we came from, this is a pretty good move. people are very optimistic maybe he is making true statements they will get something done. honestly the value is very anemic. they were placed in the week after, now we're ki
to then quickly craft a legislative deal that can stop the damage to the economy that would occur if we went off the cliff and stayed off the cliff. john boehner recognizes that the fiscal cliff is the president's leverage, but boehner believes he has leverage, too. politico reported this morning president barack obama made a demand of how john boehner near the end of their first white house meeting on the fiscal cliff, raised the debt limit before year's end. boehner responded, quote, there is a price for everything. boehner told president obama at the white house that the debt limit increase is quote my leverage. although he added that he's flexible on when it should be done. senator durbin said today that raising the debt ceiling must be part of any deal with republicans. >> i also think that the president isn't going to sign off on any agreement that doesn't include some certainty as to budgets, appropriations, dealing with our debt ceiling. we're not going to find ourselves with some big party celebrating in february and then turn around and march and have another doomsday scenario with the
, it could have serious consequences on the economy. >> i want to ask you both to weigh in on this question. kristen, you do the political angle and neil you give me the nuts and bolts. yesterday john boehner wrote an op-ed calling for the health care law to be part of the negotiations, he wrote in part the president's health care law at the massive, expensive, unworkable program when the national debt exceeds the size of our country's entire economy. we can't afford it, and can't afford to leave it intact. is john boehner right? >> no. look, it's a law that does a lot of things with the health care system. it's not predominantly a fiscal issue, in that that when the government does anything, it affects taxes. if you're the president you have no incentive to allow the health care law to be on the table in these negotiations. maybe on the edges there are a few spending programs you're willing to negotiate over. but in terms of the health insurance mandate and exchanges, all the things in this complicated law that passed two years ago, you're really going to draw the line and say, we're not g
economy, it would be good for our children's future. and i believe that both parties can agree on a framework that does that in the coming weeks. in fact, my hope is to get this done before christmas. but -- the place where we already have in theory at least complete agreement, right now, is on middle-class taxes. and as i've said before, we have two choices. if congress does nothing, every family in america will see their taxes automatically go up at the beginning of next year. starting january 1st, every family in america will see their taxes go up. a typical middle-class family of four, would see its income taxes go up by $2200. that's $2200 out of people's pockets. that means less money for buying groceries, less money for filling prescriptions, less money for buying diapers. it means a tougher choice between paying the rent and paying tuition and middle-class families just can't afford that right now. by the way, businesses can't afford it either. yesterday, i sat down with some small business owners who stressed this point. economists predict that if taxes go up on the mi
of the economy so if they get into trouble you have counterparty risk. if i owe you money and get in ouble it is your problem as well. it is closely intertwined. we saw this in 1998 with long-term capital management. no one had ever heard of it and this hedge fund got into trouble and it was deemed by wall street and the federal reserve to pose a systemic risk to the whole financial system so we never heard of it but had to bail out. rri: do we need more regulation? that is the first in a lot of people would say? >> first thing regulators want to do is regulate and they want a lot of complicated regulation. i don't think that is the answer but bringing this stuff out into the sunlight making these shadow banks show what sort of risks are opposed to the system would be a really good start so at least we have a sense of what is going on. gerri: for the regular american out there there's a whole world that is completely closed to them, has nothing to do with them but at the end of the day could make big trouble for regular investors. give us an example of how this could unwind. >> as we saw w
the most advanced technology to protect our water. billions in the economy. at chevron, if we can't do it right, we won't do it at all. we've got to think long term. we've got to think long term. ♪ >>> we are joined now by our roundtable, andrea mitchell and david brooks. former ceo of hp carly fiorina. al sharpton is here. and we're pleased to have ken burns. his new film "central park five" debuted in new york on friday. and we'll be talking about that. ken, great to see you. hope you all had a great thanksgiving. now we're looking ahead, because things are going to get serious in washington. amid all the holiday parties for the president, he has to try to get a fiscal deal. reverend al, based on what you've heard here today, don't we have to deal with the tax fight first before the president moves on to anything else? and do you sense that republicans are prepared to do that? >> i think we're going to have to deal with the question of where the tax rates go. no question about it. friday before last, the president met with 12 progressive leaders. i was there. the same day he had ju
the entire economy because we're not confident that our guys can govern anymore. people like me just aren't hiring because we're not confident they can do it. >> well, the white house echoed that concern this morning. a new report says failing to act on the president's plan for middle class americans would freeze the economic recovery. obama's plan includes lower taxes on the first $250,000 earned by every american and tweaking the alternative minimum tax. the white house report estimates that consumer spending would fall by $200 million. now that's more than three times what consumers spent just over this entire holiday weekend. there could be a drag on a range of industries from cars and housing to restaurants and supermarkets, if congress can't reach a deal. and look, pocketbook issues are not the only problem here. carl levin, the democratic senator and chair of the armed services committee said automatic cuts to government spending could impact public safety. >> i think you should be worried if you have a defense job and we all ought to be worried whether we are dependent upon other
business, like the economy is doing well. he has known boehner for years and believes the speaker wants to make a deal with president obama to avoid the fiscal cliff and impact on families but also seen washington's disfunction and has his doubts. >> somewhat just like the president, time to go ahead and do your job. >> reporter: speaker boehner is secure enough in his own district here north of cincinnati i-75 that his constituents will give him a freehand to negotiate. his bigger challenge is pulling together republicans from districts across the country behind any deal he ultimately strikes with president obama. the next four weeks that is the challenge john boehner, eric canter, and candidates on the house and senate are going to find. how do you put together a deal that not only the leaders agree upon but members of the caucuses can give majority to us in both houses? >> indeed, john, thank you very much. >>> meantime, some important economic data came out today and if you were looking at it expecting to see signs of worry about that looming fiscal cliff, you might be surprised. st
and then they looked at taxes, the economy, jobs, and they went to the president. >> what is an emerging trend in technology or how people consumer information that will have implications for 2014? the leading edge? >> that is a good question. the prevalence of people getting their information online has exploded. you look as swing voters and how little they are watching tv, we all had three places you got your news from. now they get their nightly news from 15 sources. jon stewart is an important moment from that. if you are a democratic-leaning woman, you love rachel maddow. getting to those people is harder. they are way more online than anyone. you have to go to where they are. campaigns will spend more and more of their money online than ever before. until it reaches parity with television. >> and you think television will still be big in 2016. >> it is going to be the dominant media but online is going to catch up very quickly. i think it already is catching up for young voters who are looking -- >> within a couple cycles? >> no question. i think the next election is going to have to dec
that would avoid that potentially devastating fiscal cliff that is looming over the u.s. economy right now. the president is meeting with small business owners at the white house today. he had a series of meetings with different business leaders over the last week. despite the warnings that the talks are stalling on capitol hill stuart varney joins me now, host of "varney & company" on fox business network. >> good morning, martha. bill:. martha: what are you hearing how this is going? >> it is impasse basically. the republicans said yesterday they accommodated the democrats they will agree to get more money from wealthy people from higher taxes but mitch mcconnell, senate republican leader, he says there has been no similar compromise from the democrats or the president. he says they are still holding out for higher tax rates on the rich and he says the radical left is prescenting the democrats and president and agreeing to serious reform from medicare. martha, i have to tell you. i got new numbers from medicare, from trustees, actually. medicare has to pay out in the future $42 trillion.
will it do to our economy? >> i don't think it will do that much. i think people will assume a solution will be found quite promptly. it's a little like the debt ceiling question. people know -- the rest of the world may think we're idiotic at times but don't think we're going to commit suicide. so i think if -- i hope something gets worked out before january 1st. if it goes a little bit beyond that, i don't think -- >> if it's january 10th -- >> if you guaranteed me that the fiscal cliff, we would go past that, i wouldn't sell a share of stock today. >> you have confidence that in the end they will fix it? >> and that this economy works. >> he is confident of a deal huh? >> he really does. he believes there's a possibility -- he thinks it will take some time. first thing he wants to see is a minimum tax, which they can do now in terms of people who make more than a million dollars, minimum tax you have to pay it before you do the tax reform. too many competing interests to get it done immediately. interesting man. we'll have more from him. >>> to republican politics,
breaking this pledge? >> let's distinguish with what boehner have said. i certainly agree, if the economy grew at 4% instead of 2% for the next decade, the federal government would net an additional $5 trillion. you could pay all of obama's death down. connell: that is not what he is talking about. >> okay. i am sorry. what he said is what i said. what obama claims he said is a separate matter. boehner was very clear. obama said, oh, you have agreed to tax increases. the talks collapsed because obama misstated. connell: what you say to republicans who are thinking about breaking the pledge? >> look, most republicans have signed the pledge. even the ones who have not have made it very clear even when they ran for office, higher taxes have hurt the economy. they have spent too much money. the entitlements are looking to break the economy. we need to spend less. raising taxes to get the politicians more money to continue spending, does not solve any problems. connell: i know you think this is the narratives being pushed by the media and all of that, if they do break it, that does speak to yo
come january 1, and it will be an increaaed tax rate and were soft economy. if we actually pay for the cost of government as we have right now, the cost of government is recession. if you pay the size of government now. we will have recession in this country and that blows people's minds a little bit more. i don't see them being forced. we have all of these year-to-year fixes and patches and delay it here. this whole process is an example of doing that. dagen: you talk about the needing to be different. some people might talk about fixing our debt and deficit problems, but when it comes down to it, they don't want to give up tax rates, pay anymore, and when you talk about cutting government they get up in arms about cutting spending. >> that is definitely true. a few politicians who are talking honestly about this stuff and have been able to win a few elections. people like rand paul might lead it. scott walker of the world, there is a reality we will have to conform to. they're not all being punished at the ballot rocks. we will see a double dip recession and some of the effec
on the top 2% of households and it's not going to hurt the economy one bit. >> oh, that part i won't -- >> it's got to be part of the deal. >> that's part of the deal. >> before you answer that, art, i want to say, a second issue. let's put it right on table since jared opened up. many people believe since the president's budget want $1.6 trillion -- $1.6 trillion, of revenues, over ten years. >> over the next ten years, to be clear. >> next ten years. he will wish to raise the top tax rates. that includes income taxes, cap gains, dividends and estate taxes. and art laffer, he will also wish to curb deductions so he will raise tax revenues as well as tax rates and art, that sets the stage for a stalemate politically. what does it do economically also? >> well, it does set the stage politically. by not doing anything, all the tax rates go up on everyone. that's for sure. so, the question is, the republicans will pass a bill that extends all the tax cuts. i mean, that they will go along with no problem. they won't go along with a double wammy and they shouldn't. this is obama's economy. this is
a downturn in the economy in january, then the republicans are going to say, see, we told you, even though they created the problem. >> david cay johnson, great to have you with us. that's "the ed show." "the rachel maddow show" starts right now. good evening, rachel. >> good evening, ed. thanks, man. thank you for staying with us for this hour. the acting director of the cia met for more than an hour with senators john mccain and lindsey graham along with the u.n. ambassador susan rice. the three senators emerged from the meeting saying they were honored by the fact that the cia director would meet with them, just three random senators and not in some official capacity testifying before committee on the hill. they appreciated the fact that the administration and the intelligence community was going to such lengths to e swaj their concerns to personally answer their questions about the libya attack in a closed-door meeting with the cia director himself, even though these are just three random senators. the senators said their questions were answered as reasonably could be expected a
1st or 11:59 the day before january 1st. it's already starting to impact the economy. whether it impacts consumers -- and we'll find out today, by the way, in terms of thanksgiving and what's that meant, whether consumers are coming out or not -- but thoorz the bigger issue that manufacturing has already started to slow down. people are starting to worry. it may end up in the economic numbers already, just the fact that we're having this debate. and then come january 1st, do we go over? what does that mean? is it the fiscal cliff? or does it look like the fiscal bungee cord? that's what some people are calling it. we go over for two weeks and then we snap back and get a deal and what does that deal look like? >> a lot of positive talk following the election. even bill kristol talking about let's feel free to raise taxes if it's part of a bigger deal. a lot of elections don't have consequences, midterm elections. this was supposed to be a status quo election. but something happened here. i think the fever is starting to break. >> absolutely. you're going to see it, i think, on
interest deduction may be on the chopping block if the economy falls off the fiscal cliff. what does it mean for you and your nation's nascent housing recovery? rodney anderson is the director of supreme lending. welcome, sir. >> good afternoon, lori, rodney, the mortgage interest deduction, on? mous with terms like sacred cow and untouchable but that is changing. >> absolutely. we know several years ago they would have to address the mortgage interest deduction. what we need to remember here is the housing market is already in a troubled stage. ben bernanke last week saying mortgage lending guidelines are overly tight. so we're in an area right now that we know we need to get rid of the deduction but how do we do it? we have to do it structured. lori: let me come in here with this point. are you saying if we get rid of this deduction it could thwart, to your point a very vulnerable recovery? today we got the mortgage apps down 23 years from the prior weeks. new home sales were down when they were expected to rise? >> yeah, it could absolutely hurt the, short term it could hurt it. l
yet, with whispers of possibly the fed stimulating the economy even further, and with economic data pouring in almost daily that suggests we're still sputtering along? >> well, i tend to think 2013s going to be a great year. i'm not just looking at housing and employment. i'm looking at the architectural building index. there's stuff in the draw room. they're ready to bid out this winter and break ground in the spring. the republicans know that. the democrats know that. i would agree with rick. right now it's hard to imagine they can come up with something. we know they can. we know the democrats can say, okay, we'll give you something on means testing entitlements and we'll move the social security age up. republicans will say, we'll get rid of second mortgage deductions. they can do it. i don't think they really want to do it yet. so we just sit here sort of up 100, down 100. you know, just stand on the sidelines and wait until they figure it out. >> ryan, how are you allocating capital as we watch these gyrations on a daily basis because of comments out of capitol hill? >> the bo
and that's when the shooting incident happened. it is a critical geographical i economy here. people thought after the truce it would be safe enough to go to the fence. today proved otherwise. >> stay safe, buddy, appreciate that. next week lawmakers return home from the thanksgiving holidays to resume working on a deal to avoid the so-called fiscal cliff. despite optimism from both sides, they remain far apart on what to do about revenues with the white house saying the bush era tax rates should expire and republicans insisting any new revenues come from closing loopholes in the tax code. kristen welker joining us from the white house. he said the talks said to be stalled. what is the white house saying? >> reporter: they certainly know this is going to be a tough slog. certainly you had this sort of sense of bipartisanship after the leaders came to the white house. it seems as though that has gone awe with democrats digging in their heels on the issue of entit entitle. s and republicans on taxes. congress talking about some types of compromises, one that would include rolling back
40. >> if you're trying to forecast the economy, what matters is what america actually decides, not what it should decide. what it's actually going to decide is a small bargain that gets us through 2013 and doesn't fix the problem. that's the reality that we're going to face. >> so your gdp under that scenario for 2013, 2014, 2015 -- >> yeah, for 2012, we'll have about two quarters of 1.5%. i think we'll get some resolution by mid year so we'll grow 2.5%, maybe 3%. >> mid year. >> yeah. and then in 2013, i think you can grow 3%, maybe more as long as you have -- >> if you just let it ride? >> that's my forecast. we're not going to fix these fundamental problems except over a ten year period with 10 or 15 pieces of legislation. >> medicare alone is 42 trillion unfunded. social security 20.5 trillion. and then you add the 16 that we know about to that. none of these are in black and white those first two that i mentioned. you add it all together, 86.8. >> a lot depends on what happens to medical care. i mean, one thing that could change these estimates tremendously, find a cure f
disaster not only for our country, but the worldwide economy. >> so defaulting on the credit is unacceptable to you? >> i don't think -- i don't think it's a question that's even on the table. >> failing to raise the debt ceiling is not even on the table. that's what john boehner said last january. and yet just a few months later, with that voting record and with that stated understanding of how bad it would be for this country to not raise the debt ceiling, there was john boehner, leader of the congressional republicans, threatening to not raise the debt ceiling. e threatening default after decades of voting to raise the debt ceiling, no questions asked under president bush, under president obama the republicans decided they were not going to do it anymore. right around this time last year, republicans threatened to let the country go into default unless president obama met their demands. they explicitly recognized it would cause harm, but they were happy to do that. they were willing to incur that it harm. to inflict that harm on the country in order to get other stuff that
the fiscal cliff? >> everybody agrees. >> going over the fiscal cliff will hurt our economy and will hurt job creation in our country. >>er -- every family in america will see their taxes automatically go up at the beginning of next year. >> shepard: so how to avoid that. >> the president and congress will either fail together or we will succeed together. >> there has to be a deal. there has to be an agreement. >> and if they can't come up with a compromise, we are all going to pay the price. plus, they are some of the biggest names in baseball. bonds, clemens, sosa. all three tainted by accusations they used performance enhancing drugs. but should that keep them from cooper's town? tonight, the great debate over baseball's hall of fame ballot but first from fox this wednesday night, the president hopes who have the framework of a deal to avoid the so-called fiscal cliff by christmas. president obama says he would like congress to pass a bill even sooner to extend tax cuts for the middle class families. and he invited some of those middle class americans to the white house today to help make
with him. the goal here is to grow the economy and control spending. you're not going to grow the economy if you raise tax rates on the top two rates. we're willing to put revenue on the table as long as we're not raising rates. >> so, joy, boehner is not exactly ready to go along with the american people, it seems. >> i think what you just saw there, rev, was a man waiting for bated breath on january 3rd, hoping that every day gets shorter and shorter and shorter as long as we're still in the lame duck congress and tea party members are still there. i think john boehner still has an ounce of fear that he will lose that vote. so he's always watching his right flank. i think boehner will be in a stronger position if we get to january 3rd and there isn't a deal and he can force a deal on his tea party members but this is a guy who still has to message to the right. this deal would have to be made by the congress that just lost the election, the congress headed by the tea party. and it's iron ironic that it lost the election but boehner has to cling to it for now. >> but the american people
cure the economy. the senior editor of "the atlantic" joins us live in the next half hour. he has an interesting perspective. >>> ambassador susan rice heads to capitol hill this morning to mend fences with three republican senators. john mccain, lindsey graham and kelly a at with her information comments made on several networks that played down the role of terrorists in the attack on the u.s. consulate in benghazi, libya, that killed four americans including ambassador chris stevens. rice maintains she made it clear the intelligence information she had at the time was preliminary. senators have threatened to block her nomination if president obama chooses her to be his next secretary of state. >>> and the obama administration responds to the benghazi attack does not get high marks from americans. the results of a new poll out this morning shows a majority of those questioned, 54%, say they are dissatisfied with the administration's handling of the attack. >>> and the body of yasser arafat was exhumed this morning from a mausoleum in the west bank. a team of international scienti
economy by shopping at locally owned stores. the movement is in its third year. and it is growing. according to a new survey 67% of shopper who's know about small business saturday plan to take part in it. that's up 44% from last year. dave, i know this has made you very sad. hollywood is mourning the loss of larry hagman. >> j.r. >> wait a minute. it's your style j.r., my wife and the man who put cliff barnes in office. >> you have got plenty of trouble before y'all got married. i don't understand why you think she has changed. >> hey. stop. knock it off. >> classic. >> legend. >> hagman best known for his role of course as the villain j.r. ewing on his star with dallas. lost his battle with cancer dallas hospital. linda gray had this to say on the star's passing. larry hagman was my best friend for 35 years. he brought joy to everyone he knew. i will miss him enor muresly. >> she was at his side. >> he he was apparently surrounded by family and friends. >> hagman was the son of mary martin. he was also known for his role as major tony nelson in i dream of jeanne, of course, he w
line, if you're a retail giant and just trying to get the most you can in a tough economy, do you see why they want to get out there and just get a jump-start and open up tonight? >> i definitely do, especially in the economic times understand why they would open. however, they are claiming to have consulting every employee's work schedule and requests but i can guarantee that not every single employee was personally consulted as to whether they wanted to work thanksgiving or black friday. target also flat-out ignored availability. for example, my fellow coworker never works fridays due to previous childcare arrangements with her daughter and she is scheduled to work black friday anyway. >> clearly it is not making people happy, but i thank you for coming in to share your thoughts. happy thanksgiving. >>> coming up, if congress can't get a deal done, how will it impact your pocketbook in the new year? >>> plus, how victims of hurricane sandy won't be forgotten this holiday. i had enough of feeling embarrassed about my skin. [ designer ] enough of just covering up my moderate to severe
. >> grow this economy and engage in tax reform. >> simplify the code. >> ywhen you get divorced, thats what happens. ♪ >> welcome back after the thanksgiving holiday and all eyes are on the fast approaching fiscal cliff with republicans possibly maybe looking to make a deal. with the deadline now just 36 days away, some top republicans suggest they could, shock, horror, break with their sacred pledge to grover norquist. >> i'm not obligated on the pledge i made tennesseans aware is just elected that the only thing i'm honoring is the oath that i take when i serve when i'm sworn in this january. >> there's a lot that has been said about this pledge, and i will tell you when i go to the constituents that have elected -- re-elected me, it is not about that pledge. it really is about trying to solve problems. >> when you're $16 trillion in debt, the only pledge we should be making to each other is to avoid becoming greece, but i will violate the pledge, long story short, for the good of the country only if democrats will do entitlement reform. >> sounds great, doesn't it? only one problem, th
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